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Saturday, June 27, 2009
Friday, June 26, 2009
Hawaii hotel in foreclosure after owner defaults
Associated Press, 06.26.09, 06:39 PM EDT
KAILUA-KONA, Hawaii -- The Sheraton see Bay Resort and Spa on the Big Island is going into foreclosure after the resort's owner defaulted on its mortgage, another sign Hawaii's beleaguered tourism industry is suffering during the global recession.
Kenneth Marcus, a commissioner appointed by Circuit Court Judge Ronald Ibarra, confirmed Thursday that the hotel is due to be auctioned July 31.
Owners Koa Hotel LLC have defaulted on nearly $60 million remaining on their mortgage, interest and fines.
Marcus said the hotel is due to stay open - for the time being at least.
"As far as the operations of the hotel, nothing is likely to change, for all outward appearances," Marcus said. "In terms of the short term, it should be business as usual."
He couldn't say for sure what would happen to the hotel after the sale, but said it it's unlikely someone would buy the hotel and close it.
KAILUA-KONA, Hawaii -- The Sheraton see Bay Resort and Spa on the Big Island is going into foreclosure after the resort's owner defaulted on its mortgage, another sign Hawaii's beleaguered tourism industry is suffering during the global recession.
Kenneth Marcus, a commissioner appointed by Circuit Court Judge Ronald Ibarra, confirmed Thursday that the hotel is due to be auctioned July 31.
Owners Koa Hotel LLC have defaulted on nearly $60 million remaining on their mortgage, interest and fines.
Marcus said the hotel is due to stay open - for the time being at least.
"As far as the operations of the hotel, nothing is likely to change, for all outward appearances," Marcus said. "In terms of the short term, it should be business as usual."
He couldn't say for sure what would happen to the hotel after the sale, but said it it's unlikely someone would buy the hotel and close it.
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